Bob Dudley | The Guardianhttps://www.theguardian.com/business/bob-dudley
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Unilever bins Flora – but butters up its shareholders | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/06/unilever-butters-up-its-shareholders
<p>The consumer brand giant’s decision to dump its tired spreads business is just one way of easing investor angst after the messy Kraft Heinz raid</p><p>Complacent? Us? Try a €5bn share buyback, a 12% better dividend, deeper cost savings and a firm target for profit margins in 2020. And, by the way, <a draggable="true" href="https://www.theguardian.com/business/2017/apr/06/unilever-flora-stork-kraft-heinz-bid">we’ll wave goodbye to Flora and I Can’t Believe It’s Not Butter</a>, just like you always wanted. Happy now?</p><p>Unilever’s shareholders – even those who mystifyingly wanted to lower the drawbridge for the Kraft Heinz raiders – should be satisfied. The great Unilever restructuring strikes the right balance. It is shareholder friendly, which is why the share price is up a fifth since Kraft’s non-bid, but it stops short of unnecessary drama such as a full demerger of the food division from personal care.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2017/apr/06/unilever-flora-stork-kraft-heinz-bid">Unilever to sell off Flora and Stork in shakeup after Kraft Heinz bid</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/06/unilever-butters-up-its-shareholders">Continue reading...</a>BusinessUnileverFood & drink industryBob DudleyBPExecutive pay and bonusesCorporate governanceUK newsFri, 07 Apr 2017 06:18:52 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2017/apr/06/unilever-butters-up-its-shareholdersPhotograph: David Davies/PAPhotograph: David Davies/PANils Pratley2017-04-07T06:18:52ZBritain's fund managers warn top companies over chief executive payhttps://www.theguardian.com/business/2016/oct/31/chief-executive-pay-investment-association-warns-britain-top-350-public-companies
<p>Investment Association tells UK’s top 350 public firms to publish bosses’ pay and compare it with average employee</p><p>Britain’s fund managers have written to the top 350 public companies telling them to publish how much their chief executives make compared with the average employee and to justify the amounts paid out each year.</p><p>The Investment Association, which represents £5.7tn in funds, said it had toughened up its guidelines for companies because of growing unease about the sums earned by chief executives. Theresa May has promised to rein in runaway pay for bosses that she says has left ordinary workers behind.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2016/oct/10/nobel-economics-prize-winners-work-unlocks-issues-around-executive-pay">Nobel economics prize winners' work unlocks issues around executive pay | Larry Elliott</a> </p> <a href="https://www.theguardian.com/business/2016/oct/31/chief-executive-pay-investment-association-warns-britain-top-350-public-companies">Continue reading...</a>Executive pay and bonusesCorporate governanceBusinessTheresa MayInstitute of DirectorsSir Martin SorrellBPBob DudleyPoliticsUK newsMon, 31 Oct 2016 07:34:51 GMThttp://www.theguardian.com/business/2016/oct/31/chief-executive-pay-investment-association-warns-britain-top-350-public-companiesPhotograph: Andrew Winning/ReutersPhotograph: Andrew Winning/ReutersSean Farrell2016-10-31T07:34:51ZGrant Thornton's role in the BHS debacle should not be overlooked | Nils Pratleyhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/jul/27/grant-thorntons-role-in-the-bhs-debacle-should-not-be-overlooked
<p>The accountancy firm is keen to shout about the importance of accepting responsibility – but not when it comes to acting for Dominic Chappell</p><p>As Sir Philip Green attempts to “sort” the deficit in BHS’s pension funds by taking his gin palace on a tour of the Mediterranean, let’s not forget the minor players in the debacle. Take accountancy firm Grant Thornton, which advised Dominic Chappell, the “wholly unsuitable” three-time bankrupt who bought the business.</p><p><a href="https://www.theguardian.com/business/2016/jul/25/bhs-demise-sir-philip-green-reputation-torn-apart-in-damning-report">The two committees of MPs were scathing in their assessment of the roles played by Grant Thornton</a> and fellow adviser Olswang, a legal firm. These City outfits were “increasingly aware” of the “manifold weaknesses” of Chappell’s acquisition vehicle, yet were “content to take generous fees and lend both their names and their reputations to the deal”.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/jul/27/grant-thorntons-role-in-the-bhs-debacle-should-not-be-overlooked">Continue reading...</a>Sir Philip GreenDominic ChappellBHSBusinessLegal and GeneralTheresa MayBob DudleyBPStandard CharteredBankingWed, 27 Jul 2016 19:16:45 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/jul/27/grant-thorntons-role-in-the-bhs-debacle-should-not-be-overlookedPhotograph: Daniel LynchPhotograph: Daniel LynchNils Pratley2016-07-27T19:16:45ZBP profits plummet 44% as oil prices continue to fallhttps://www.theguardian.com/business/2016/jul/26/bp-profits-plummet-44-as-oil-prices-continue-to-fall
<p>Multinational’s financial woes continue as low crude rates hit its revenues, despite an end to payouts over the Deepwater Horizon spill of 2010</p><p>Profits at BP plunged 44% to $720m (£550m) in the second quarter of 2016, as the collapse of <a draggable="true" href="https://www.theguardian.com/business/2016/jun/07/cheap-oil-will-weigh-on-global-economy-says-world-bank">crude prices</a> continues to affect the energy sector. </p><p>Oil companies have rushed to cut costs and curtail investment after oil prices fell to a 12-year low in January, resulting in <a href="http://www.bbc.co.uk/news/uk-scotland-scotland-business-36491937">tens of thousands of job losses in the UK alone</a>.</p><p> <span>Related: </span><a href="https://www.theguardian.com/business/2016/jul/14/bp-fined-further-25bn-over-deeepwater-horizon-spill">BP faces further $2.5bn charge over Deepwater Horizon spill</a> </p> <a href="https://www.theguardian.com/business/2016/jul/26/bp-profits-plummet-44-as-oil-prices-continue-to-fall">Continue reading...</a>BPBusinessEnergy industryOilCommoditiesOil and gas companiesBob DudleyTue, 26 Jul 2016 15:38:09 GMThttp://www.theguardian.com/business/2016/jul/26/bp-profits-plummet-44-as-oil-prices-continue-to-fallPhotograph: Dominic Lipinski/PAPhotograph: Dominic Lipinski/PAAngela Monaghan2016-07-26T15:38:09ZBP prepares deeper spending cuts as profits fall 80%https://www.theguardian.com/business/2016/apr/26/bp-spending-cuts-profits-fall-80-percent-oil-prices
<p>Oil prices touched a near-13-year low in the first quarter of 2016 contributing to a sharp fall in BP’s profits over the period</p><p>BP has said it is prepared to slash capital spending if oil prices continue to slide, as the company announced an 80% fall in profits. <br tabindex="-1"></p><p>The oil and gas company said it had already cut spending in the first quarter of the year, and expected to spend a total of $17bn (£11.7bn) in 2016. However, this could be cut to $15bn “in the event of continued low oil prices”.</p> <a href="https://www.theguardian.com/business/2016/apr/26/bp-spending-cuts-profits-fall-80-percent-oil-prices">Continue reading...</a>BPBusinessOil and gas companiesEnergy industryOilBob DudleyBP oil spillEnvironmentOilOil spillsTue, 26 Apr 2016 08:24:43 GMThttp://www.theguardian.com/business/2016/apr/26/bp-spending-cuts-profits-fall-80-percent-oil-pricesPhotograph: Dominic Lipinski/PAPhotograph: Dominic Lipinski/PAAngela Monaghan2016-04-26T08:24:43ZExecutives may rue the day BP ignored investors over Dudley payhttps://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/19/bp-investors-dudley-pay-cable-shareholder-revolt
<p>Two years on from Cable’s reforms the issue of pay is back. But if shareholder revolt is mirrored elsewhere, ministers may be forced to take a tougher stance</p><p>The last time MPs became interested in boardroom pay at public companies, the result was more than 12 months of intense debate that culminated in shareholders being given a binding vote from 2014.</p><p>But, in practice, the supposedly binding ropes were tied only loosely. The votes happen only every three years – rather than annually as the then business secretary, Vince Cable, had originally proposed – and the binding element applies only to the setting of pay polices. Votes on the actual implementation of the policies continue to be advisory.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/19/bp-investors-dudley-pay-cable-shareholder-revolt">Continue reading...</a>Executive pay and bonusesBob DudleyHinkley Point CBPFinancial Conduct AuthorityBusinessEnergy industryRegulatorsUK newsTue, 19 Apr 2016 19:16:32 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/19/bp-investors-dudley-pay-cable-shareholder-revoltPhotograph: Toby Melville/ReutersPhotograph: Toby Melville/ReutersNils Pratley2016-04-19T19:16:32ZBP will ignore the anger at Bob Dudley’s £14m pay package at its peril | Stefan Sternhttps://www.theguardian.com/commentisfree/2016/apr/18/bp-bob-dudley-pay-package-shareholder
The rejection of the BP CEO’s pay package doesn’t make a ‘shareholder spring’. But it’s put a big boot into big pay<p>“Good God – but people don’t do that sort of thing!” The closing line from <a href="http://www.theguardian.com/stage/2016/mar/21/hedda-gabler-review-ibsen-salisbury-playhouse" title="">Ibsen’s Hedda Gabler</a> came to mind as news of the <a href="http://www.theguardian.com/business/2016/apr/14/bps-pay-committee-chair-should-quit-over-shareholder-revolt" title="">shareholder revolt at BP’s annual meeting</a> – over the chief executive’s £14m pay package – came through last week.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/14/bps-pay-committee-chair-should-quit-over-shareholder-revolt">BP's pay committee chair should quit over shareholder revolt</a> </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal">BP shareholders revolt against CEO’s £14m pay package</a> </p> <a href="https://www.theguardian.com/commentisfree/2016/apr/18/bp-bob-dudley-pay-package-shareholder">Continue reading...</a>Executive pay and bonusesBPBob DudleyCorporate governanceOilEnergy industryBusinessOil and gas companiesPayMoneyMon, 18 Apr 2016 08:30:12 GMThttp://www.theguardian.com/commentisfree/2016/apr/18/bp-bob-dudley-pay-package-shareholderPhotograph: Andrew Winning/ReutersPhotograph: Andrew Winning/ReutersStefan Stern2016-04-18T08:30:12ZExecutive gravy train hasn’t hit the buffers yethttps://www.theguardian.com/business/2016/apr/17/bp-pay-defeat-welcome-but-gravy-train-hasnt-hit-buffers
While BP’s pay policy defeat was welcome, don’t take it as a sign that a second shareholder spring is on the way<p>Two FTSE 100 companies, including BP, one the biggest of the bunch, were <a href="http://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal" title="">defeated on votes on boardroom pay last week</a>. It doesn’t happen often, and the 59% revolt at BP was stunning. The company had followed its established pay formula, shown its workings and pleaded its case to normally timorous fund managers. Yet the majority of shareholders took a simple view: you’ve got to be kidding if you think £14m for chief executive Bob Dudley is fair.</p><p>A string of other companies with annual meetings in coming weeks will now be nervous. All will have expected healthy majorities but, after BP, confidence will be dented. A defeat or two in the following list is suddenly possible: WPP, which is a serial offender in the eyes of some shareholders; miner Anglo American; Dettol-to-Nurofen group <a href="http://www.theguardian.com/business/reckittbenckiser" title="">Reckitt Benckiser</a>; and pharmaceuticals firm Shire.</p> <a href="https://www.theguardian.com/business/2016/apr/17/bp-pay-defeat-welcome-but-gravy-train-hasnt-hit-buffers">Continue reading...</a>Executive pay and bonusesBusinessBPBob DudleyOil and gas companiesOilTax avoidanceTataSteel industryEnergy industrySun, 17 Apr 2016 06:05:16 GMThttp://www.theguardian.com/business/2016/apr/17/bp-pay-defeat-welcome-but-gravy-train-hasnt-hit-buffersIllustration: David SimondsIllustration: David SimondsGuardian Staff2016-04-17T06:05:16ZBP shareholders revolt against CEO’s £14m pay packagehttps://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal
<p>Non-binding vote shows almost 60% of shareholders disapprove of deal, one of the biggest AGM revolts against executive pay</p><p>Britain’s top bosses were sent a warning on Thursday that they must rein in boardroom excess when shareholders voted overwhelmingly against huge pay deals at two of Britain’s biggest companies.</p><p>Almost 60% of shareholders voted against a £14m pay package for the chief executive of BP in a year in which it reported record losses, cut thousands of jobs and froze its employees’ pay. </p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/14/bp-boss-pay-rise-anger-agm">BP boss faces shareholders angry at £13.8m pay deal</a> </p> <a href="https://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal">Continue reading...</a>BPExecutive pay and bonusesBusinessEnergy industryOilCommoditiesOil and gas companiesCarl-Henric SvanbergBob DudleyUK newsThu, 14 Apr 2016 18:55:12 GMThttp://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-dealPhotograph: Reuters Photographer/ReutersPhotograph: Reuters Photographer/ReutersTerry Macalister, Jill Treanor and Sean Farrell2016-04-14T18:55:12ZBP's pay committee chair should quit over shareholder revolthttps://www.theguardian.com/business/2016/apr/14/bps-pay-committee-chair-should-quit-over-shareholder-revolt
<p>After nearly 60% of shareholders reject Bob Dudley’s £14m package, the woman who signed off on it should fall on her sword</p><p>BP’s board didn’t see it coming. The oil company was braced for 20%, maybe 25%, of shareholders to vote against its pay report. <a href="http://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal">But 59% was a drubbing</a>. It is the second-biggest protest over pay at a FTSE 100 company. That inglorious league table, incidentally, is headed by Royal Bank of Scotland, in the days when the government had to be seen to rebel against Fred Goodwin’s egregious pension arrangements.</p><p>BP’s corporate blindness goes deep. Read the remuneration report and there is barely a hint of awareness that paying the chief executive, <a href="http://www.theguardian.com/business/bob-dudley">Bob Dudley</a>, £14m in a loss-making year might cause a spot of bother with the owners. Prof Dame Ann Dowling, chair of the remuneration committee, concludes by saying she is “pleased” that BP’s pay policy has “appropriately recognised” the company’s excellent performance.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/14/bp-pledge-shareholder-anger-ceo-bob-dudleypay-deal">BP shareholders revolt against CEO's £14m pay package</a> </p> <a href="https://www.theguardian.com/business/2016/apr/14/bps-pay-committee-chair-should-quit-over-shareholder-revolt">Continue reading...</a>Executive pay and bonusesBPBusinessEnergy industryOilCommoditiesOil and gas companiesCorporate governanceCarl-Henric SvanbergBob DudleyUK newsThu, 14 Apr 2016 15:28:00 GMThttp://www.theguardian.com/business/2016/apr/14/bps-pay-committee-chair-should-quit-over-shareholder-revoltPhotograph: Andrew Winning/ReutersPhotograph: Andrew Winning/ReutersNils Pratley2016-04-14T15:28:00ZWhy Three into O2 won't gohttps://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/11/uk-competition-watchdog-eu-three-o2-merger
<p>UK regulators say the O2-Three merger should be blocked – watchdogs in Brussels would be wise to steer clear just a month before the EU referendum.</p><p>Here’s a cause to inflame Eurosceptic passions: save our public-spirited regulators from the tyranny of judgments made by bureaucratic overlords in Brussels.</p><p>Well, OK, the <a href="http://www.theguardian.com/business/2016/apr/11/uk-regulator-wants-european-commission-to-block-three-o2-deal">furious debate over Three-owner CK Hutchison’s attempt to buy O2</a> hasn’t reached that stage yet. In fact, Alex Chisholm, chief executive of the UK Competition and Markets Authority (CMA), went out of his way to praise the “timely, productive and meaningful interactions” his team has enjoyed with the European commission, which will decide whether the £10bn merger can proceed.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/11/uk-regulator-wants-european-commission-to-block-three-o2-deal">UK regulator wants European commission to block Three/O2 deal</a> </p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/11/uk-competition-watchdog-eu-three-o2-merger">Continue reading...</a>BusinessTelecommunications industryOfcomRegulatorsMediaTelevision industryBPBob DudleySteel industryExecutive pay and bonusesOil and gas companiesOilCommoditiesCompetition and Markets AuthorityEuropean UnionEuropean commissionBrexitPoliticsMergers and acquisitionsMon, 11 Apr 2016 18:34:20 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/apr/11/uk-competition-watchdog-eu-three-o2-mergerPhotograph: AlamyPhotograph: AlamyNils Pratley2016-04-11T18:34:20ZReject BP's chief's pay, shareholder group sayshttps://www.theguardian.com/business/2016/apr/11/vote-against-bp-chief-bob-dudley-pay-shareholder-group-says
<p>Bob Dudley’s pay rose 20% last year to $19.6m as BP racked up a record $6.5bn loss and cut thousands of jobs</p><p>The controversy over the $20m (£14m) pay for BP’s chief executive has intensified after a group representing individual shareholders urged members to vote against the measure at this week’s annual general meeting (AGM).</p><p>ShareSoc said <a href="http://www.theguardian.com/business/2016/mar/04/bp-chief-executive-20-per-cent-pay-package-hike-record-loss-axed-jobs">Bob Dudley’s pay</a> was too high for a company that suffered a record loss last year and has underperformed rivals for a long time. It also reflects a convoluted incentive scheme that should be simplified, it said.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/apr/10/bp-environment-targets-pay-agm-shareaction">BP to face flak over green targets and pay at AGM</a> </p> <a href="https://www.theguardian.com/business/2016/apr/11/vote-against-bp-chief-bob-dudley-pay-shareholder-group-says">Continue reading...</a>BPBusinessOilCorporate governanceExecutive pay and bonusesBob DudleyMon, 11 Apr 2016 09:06:12 GMThttp://www.theguardian.com/business/2016/apr/11/vote-against-bp-chief-bob-dudley-pay-shareholder-group-saysPhotograph: Christophe Morin/Bloomberg/Getty ImagesPhotograph: Christophe Morin/Bloomberg/Getty ImagesSean Farrell2016-04-11T09:06:12ZBP facing revolt over CEO's $20m pay packagehttps://www.theguardian.com/business/2016/apr/08/bp-facing-revolt-bob-dudley-20m-pay-package-remuneration
<p>Royal London Asset Management to vote against Bob Dudley remuneration report following BP’s worst ever annual loss</p><p>BP is facing a row over boardroom pay at its annual meeting after a leading City investor warned it intended to vote against a $20m (£14m) package for chief executive Bob Dudley.</p><p>The 20% year-on-year rise in Dudley’s pay was announced <a href="http://www.theguardian.com/business/2016/mar/04/bp-chief-executive-20-per-cent-pay-package-hike-record-loss-axed-jobs">last month</a> after the oil company had reported a <a href="http://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwater">record loss of $6.5bn</a> and thousands of job cuts. The prospect of a revolt over pay has been brewing since the figure was announced and shareholder advisory bodies have also warned about the package, which included an extra $3.5m for Dudley’s pension.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwater">BP makes record loss and axes 7,000 jobs</a> </p> <a href="https://www.theguardian.com/business/2016/apr/08/bp-facing-revolt-bob-dudley-20m-pay-package-remuneration">Continue reading...</a>BPBusinessEnergy industryOilOil and gas companiesUK newsBob DudleyFri, 08 Apr 2016 16:53:19 GMThttp://www.theguardian.com/business/2016/apr/08/bp-facing-revolt-bob-dudley-20m-pay-package-remunerationPhotograph: Eric Piermont/AFP/Getty ImagesPhotograph: Eric Piermont/AFP/Getty ImagesJill Treanor2016-04-08T16:53:19ZBP chief receives 20% pay hike despite record loss and 7,000 axed jobshttps://www.theguardian.com/business/2016/mar/04/bp-chief-executive-20-per-cent-pay-package-hike-record-loss-axed-jobs
<p>High Pay Centre says £14m earned by Bob Dudley last year during crisis at oil firm shows it is ‘losing contact with reality’</p><p>Bob Dudley, the chief executive of BP, earned nearly $20m last year – at a time when the company ran up the biggest losses in its financial history and axed thousands of jobs.</p><p>The $19.6m (£14m) remuneration bonanza was condemned by the High Pay Centre as another example of a company losing “contact with reality” when it came to handing out fortunes to top executives.</p> <a href="https://www.theguardian.com/business/2016/mar/04/bp-chief-executive-20-per-cent-pay-package-hike-record-loss-axed-jobs">Continue reading...</a>BPBP oil spillBob DudleyBusinessEnergy industryEnvironmentOilCommoditiesPollutionOil spillsOil and gas companiesUK newsWorld newsFri, 04 Mar 2016 12:28:22 GMThttp://www.theguardian.com/business/2016/mar/04/bp-chief-executive-20-per-cent-pay-package-hike-record-loss-axed-jobsPhotograph: Eric Piermont/AFP/Getty ImagesPhotograph: Eric Piermont/AFP/Getty ImagesTerry Macalister Energy editor2016-03-04T12:28:22ZBP makes record loss and axes 7,000 jobshttps://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwater
<p>£6bn wiped off stock market value of oil company as investors react to losses and increasing Deepwater Horizon liablities</p><p>BP is to axe another 7,000 jobs after reporting an annual loss of $6.5bn (£4.5bn), the worst in its history.</p><p>Shares in the oil company dived 8.6% to 335p by the end of trading on Tuesday, wiping almost £6bn off the stock market value of the business, and helped drag down the wider FTSE 100 index of leading shares in London. </p> <a href="https://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwater">Continue reading...</a>BPBP oil spillBusinessOilEnergy industryOilOil and gas companiesOil spillsWorld newsBob DudleyTue, 02 Feb 2016 20:05:22 GMThttp://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwaterPhotograph: Luke Macgregor/ReutersPhotograph: Luke Macgregor/ReutersTerry Macalister Energy editor2016-02-02T20:05:22ZBP's dividend is less of a worry than the damage from cuts and job losseshttps://www.theguardian.com/business/nils-pratley-on-finance/2016/feb/02/bps-dividend-is-less-of-a-worry-than-the-damage-from-cuts-and-job-losses
<p>BP can afford to wait a while yet before cutting its dividend, but the real problem seems to be its other cuts</p><p>“Oil prices continue to be challenging in the near term,” says BP. You bet. The oil major <a href="http://www.theguardian.com/business/2016/feb/02/bp-annual-loss-biggest-for-20-years-axes-thousands-of-jobs-deepwater">fell to a record loss of $6.5bn (£4.5bn) last year</a>, and that period included a final quarter in which the oil price averaged $44 (£30.50) a barrel. Brent now stands at $33 (£22.90) a barrel. How much pain can BP take before cutting its dividend?</p><p>There’s no need to panic, says chief executive Bob Dudley, once again pledging a commitment to a dividend that currently offers a yield of 8% on a share price down 9% on Tuesday. Top marks for loyalty to those investors holding BP stock for income – which include many of our pension funds – but is this just a refusal to face financial facts?</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2016/feb/02/bps-dividend-is-less-of-a-worry-than-the-damage-from-cuts-and-job-losses">Continue reading...</a>BPOilBusinessCommoditiesEnergy industryOil and gas companiesBob DudleyTue, 02 Feb 2016 19:37:36 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2016/feb/02/bps-dividend-is-less-of-a-worry-than-the-damage-from-cuts-and-job-lossesPhotograph: Eric Piermont/AFP/Getty ImagesPhotograph: Eric Piermont/AFP/Getty ImagesNils Pratley2016-02-02T19:37:36ZBP boss widens transatlantic rift in energy industry over climate changehttps://www.theguardian.com/business/2015/jun/10/bp-boss-widens-transatlantic-rift-in-energy-industry-over-climate-change
<p>Bob Dudley says UN global warming summit needs deals to encourage energy efficiency and renewable power </p><p>BP has threatened to widen a rift between European and US oil companies over how to respond to global warming by urging political leaders to deliver a “substantial” deal at international climate change talks later this year.</p><p> <span>Related: </span><a href="http://www.theguardian.com/business/2015/jun/10/energy-industry-has-reached-watershed-on-fossil-fuels-says-bp">Energy industry has reached watershed on fossil fuels, says BP</a> </p><p>Something substantial needs to be done. We are conscious of that ... we encourage policymakers to move forward on this when they meet in December.”</p> <a href="https://www.theguardian.com/business/2015/jun/10/bp-boss-widens-transatlantic-rift-in-energy-industry-over-climate-change">Continue reading...</a>BPBob DudleyEnergy industryBusinessOilCommoditiesOil and gas companiesCoalEnergyEnvironmentFossil fuelsFossil fuel divestmentClimate changeCOP 21: UN climate change conference | ParisGreenhouse gas emissionsCarbon taxRenewable energyCop 20: UN climate change conference | LimaCarbon capture and storage (CCS)Wed, 10 Jun 2015 17:27:58 GMThttp://www.theguardian.com/business/2015/jun/10/bp-boss-widens-transatlantic-rift-in-energy-industry-over-climate-changePhotograph: WPA /Getty ImagesPhotograph: WPA /Getty ImagesTerry Macalister Energy editor2015-06-10T17:27:58ZBP reassures on dividend after refining division shores up profitshttps://www.theguardian.com/business/2015/apr/28/bp-reassures-on-dividend-after-profits-beat-expectations-oil-prices
<p>Oil price slump crushes profits at exploration and production arm, but profits at refining business more than double</p><p>BP’s first-quarter profits beat City forecasts battered by the falling oil price as the company recorded a one-off gain from the government’s changes to the taxation of North Sea oil operations.</p><p>The oil company said profit excluding non-operating items and accounting effects for the first three months of 2015 fell 20% to $2.6bn (£1.7bn). </p><p> <span>Related: </span><a href="http://www.theguardian.com/environment/2015/apr/28/bps-activist-resolution-triumph-for-environmentalists-or-was-it">BP's 'activist resolution' was a triumph for environmentalists – or was it?</a> </p> <a href="https://www.theguardian.com/business/2015/apr/28/bp-reassures-on-dividend-after-profits-beat-expectations-oil-prices">Continue reading...</a>BPEnergy industryBusinessOilOil and gas companiesCommoditiesUK newsBob DudleyTue, 28 Apr 2015 07:52:38 GMThttp://www.theguardian.com/business/2015/apr/28/bp-reassures-on-dividend-after-profits-beat-expectations-oil-pricesPhotograph: DARREN STAPLES/REUTERSPhotograph: DARREN STAPLES/REUTERSSean Farrell2015-04-28T07:52:38ZBP's Bob Dudley got 25% pay rise as company salaries were frozenhttps://www.theguardian.com/business/2015/mar/03/bps-bob-dudley-got-25-pay-rise-as-company-salaries-were-frozen
<p>The group’s chief executive took home $12.7m (£8.3m) last year after slashing 300 jobs and failing to meet safety targets</p><p>Bob Dudley, the chief executive of oil group BP, enjoyed a 25% pay rise to $12.7m (£8.3m) last year after implementing a raft of job cuts, imposing a company <a href="http://www.theguardian.com/business/2015/jan/26/bp-freezes-pay-staff-globally-oil-price-drop">salary freeze</a> and missing all safety targets for the year. </p><p>In January, Dudley sent a memo to staff outlining his decision to hold pay for the group’s 84,000 staff at last year’s levels because of the harsh trading environment, just weeks after announcing <a href="http://www.theguardian.com/business/2015/jan/15/oil-lobby-north-sea-tax-cuts-bp-cuts-jobs">300 job cuts at BP’s operations in Aberdeen</a>.</p> <a href="https://www.theguardian.com/business/2015/mar/03/bps-bob-dudley-got-25-pay-rise-as-company-salaries-were-frozen">Continue reading...</a>Bob DudleyBPOilBusinessOil and gas companiesEnergy industryUK newsCommoditiesTue, 03 Mar 2015 20:03:24 GMThttp://www.theguardian.com/business/2015/mar/03/bps-bob-dudley-got-25-pay-rise-as-company-salaries-were-frozenPhotograph: Toby Melville / Reuters/REUTERSPhotograph: Toby Melville / Reuters/REUTERSSimon Goodley2015-03-03T20:03:24ZFor BP and Shell, oil is in very troubled watershttps://www.theguardian.com/business/nils-pratley-on-finance/2015/feb/03/for-bp-shell-oil-in-very-troubled-waters
<p>The two energy multinationals have differing views on prospects for the oil price but either way it will be a tough few years</p><p>Compare and contrast. Last week Shell’s chief executive, Ben van Beurden, opined that the “long-term equilibrium” for the oil price lay at about $90, which sounded semi-cheerful from the point of view of a producer. Van Beurden thought it was important not to “over-react” to current lower prices.</p><p>On Tuesday Bob Dudley at BP warned of a “raging gale” in the oil industry that could last for years. He wasn’t talking long-term equilibriums, let alone suggesting where they might lie. Instead, he said the current situation “feels like 1986”, when the oil price crashed by three-quarters, rather than the mere halving that has been witnessed since last summer.</p> <a href="https://www.theguardian.com/business/nils-pratley-on-finance/2015/feb/03/for-bp-shell-oil-in-very-troubled-waters">Continue reading...</a>OilCommoditiesBusinessEnergy industryOil and gas companiesRoyal Dutch ShellBPRussiaEuropeWorld newsBob DudleyOcadoSupermarketsRetail industrySir Terry LeahyGreeceAngela MerkelGermanyTue, 03 Feb 2015 20:23:58 GMThttp://www.theguardian.com/business/nils-pratley-on-finance/2015/feb/03/for-bp-shell-oil-in-very-troubled-watersPhotograph: Anthony Harvey/Getty EuropeBP's chief executive, Bob Dudley, has warned of a 'raging gale' in the oil industry that could last for years. Photograph: Anthony Harvey/Getty EuropePhotograph: Anthony Harvey/Getty EuropeBP's chief executive, Bob Dudley, has warned of a 'raging gale' in the oil industry that could last for years. Photograph: Anthony Harvey/Getty EuropeNils Pratley2015-02-03T20:23:58Z